While the financial benefits of a core overhaul delivering a dramatically improved banking experience for customers could be real enough, the overwhelming counter-argument has always been around how well the risks of such a transformation are understood. CeleritiFinTech’s progressive modernization approach allows customers to modernize core systems without the concerns and costs related to a ‘rip and replace’ approach. With a gradual, planned transition to the new environment, implementation priorities can be aligned with business imperatives to accelerate time to value and realize benefits throughout the process. For banks that have adopted progressive modernization in concert with selective software reusability, feedback suggests that the implementation costs are less than 50 percent of an outright system replacement.
- Expedite upgrade process while lowering cost, operational impact, risk and complexity.
- Reduce dependency on older technology and decommission legacy applications.
- Optimize / re-engineer systems to reduce custom code.
- Adopt applications with significant customer demand early in the process.
Download CFT’s Progressive Modernization position paper to learn more about our approach.